provide detailed and straightforward solution with steps, show proper calculations please. 8. A firm's production is represented by Q (L,K) = L¹/3 + K 1/3 . Let the price of L equal $16, andthe price of K equal $16. What is the firm's long-run marginal cost function?a. LRMC = 32Qb. LRMC = 16Qc. LRMC = 12Q²d. LRMC = 4Q³

The inputs such as capital, labor, and land are used to produce, and output in the market is known…

8. A firm's production is represented by Q(L, K) = L1/3 + K 1/3. Let the price of L equal $16, and the price of K equal $16. What is the firm's long-run marginal cost function? a. LRMC = 32Q b. LRMC=16Q c. LRMC = 12Q² d. LRMC = 4Q³

8. A firm's production is represented by Q(L, K) = L1/3 + K 1/3. Let the price of L equal $16, and the price of K equal $16. What is the firm's long-run marginal cost function? a. LRMC = 32Q b. LRMC=16Q c. LRMC = 12Q² d. LRMC = 4Q³

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

ChapterP2: Microeconomics Fundamentals

Section: Chapter Questions

Problem 13KC

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Concept explainers

Short-Run Costs and Long-Run Costs

Cost of short-run and the long-run is an economic term that describes the cost involved in the production of goods in a firm in the short as well as long period.

Question

provide detailed and straightforward solution with steps, show proper calculations please.

8. A firm's production is represented by Q (L,K) = L¹/3 + K 1/3 . Let the price of L equal $16, and
the price of K equal $16. What is the firm's long-run marginal cost function?
a. LRMC = 32Q
b. LRMC = 16Q
c. LRMC = 12Q²
d. LRMC = 4Q³

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